DALLAS -- TXP Corp., a provider of EMS and pre-engineering services, has sold about $1.5 million shares of common stock to an institutional buyer at a per share purchase price of 32 cents, together with five-year warrants to purchase more than 2.3 million additional shares at an exercise price of 50 cents per share and another 2.3 million shares for $1 per share.

TXP has traded at 25 to 80 cents per share during the past 52 weeks.

TXP used the proceeds to redeem its principal amount $550,000 and $577,000 10% secured convertible debentures issued to Cornell Capital Partners in June 2005 and June 2006, respectively, each at a 20% premium, for a total redemption price of approximately $1.5 million.

TXP also agreed to sell 640,000 shares of common stock to an accredited investor in exchange for $2 million worth of stock in Adobe Systems, Fossil Inc. or other publicly held companies as agreed upon by TXP and the investor.